4 Easy Steps to Analyze the Viability of Your Idea or Invention

When you have an innovative idea, some doubts arise about the business possibilities that could arise: Is my business idea viable? Can my invention succeed in the market? How to sell or license my patent? How can I turn my invention into a business?

Patenting your invention is essential to ensure your rights to exploit your idea and ensure that no other person or company can appropriate your invention without your approval. A patent is a business tool that gives you great benefits and indicates that your invention is a great investment opportunity.

If you have not decided to patent because you still have doubts about the possibilities of your idea, do not worry! Below you will find a guide of 4 simple questions that will help you to analyze the viability of your invention or innovative project and see the possibilities of turning your idea into a great business.

1. Does my invention satisfy any need?

The starting point to analyze the
viability of your invention is to perceive if it offers a response to a
consumer need. Your innovative project can be an invention that solves a
problem that has not yet been solved; it can be an improvement to a product
that already exists or an accessory that makes life much easier. In any case,
for your invention to be a revolution it is not necessary that it be a complex
or expensive idea. To define the viability of your idea, it is necessary to put
yourself in the shoes of the potential client and think about what it is you
are looking for a need, and if your invention will really be a novelty or
improvement in your life.

2. Is my invention already patented?

The competence of your innovative
project is key when it comes to deciding to register your invention idea. Many
inventions of our daily life usually have different versions with improvements
that accommodate the diverse needs of the users. If you have had an innovative
idea that solves a need, define the characteristics that differentiate it from
other inventions so you can analyze the viability of your project and define
the possibilities of competing in the market. The search on the internet is an
initial projection of the viability of your invention, see if you find similar
products and specify the strengths of your invention.

3. Once registered, how do I make a business a patent?

With the patent registration of
your invention, you protect your rights as an inventor and restrict the
possibility that other people or companies can take profit from your idea
without your consent. But, from the registry, how to get sell your invention?
To find the ideal business for your project, the most important thing is not to
leave it in a drawer. The patent is a very important document, but the ideas in
the paper do not catch the businesses, to communicate your idea of a suitable
and attractive way is fundamental to attract the interest of companies and
investors.

4. Are you willing to turn your idea into reality?

To make your innovative project
achieve the relevance it deserves, you must open your mind and communicate your
invention for as many channels as possible. All this requires a high
communication effort since the more your invention is known, the greater the
business possibilities you will have.

As we already mentioned, patenting
is important to protect your rights as an inventor, but just document does not
prove the viability of your project. That’s why it’s important to dare, bet on
your innovative idea, give it life, test its functionality, promote it and make
it a reality.

I am professional blogger/writer, and have been writing as a freelance writer for various websites. Now I have joined one of the most recognised platforms in the world.

The Thrive Global Community welcomes voices from many spheres. We publish pieces written by outside contributors with a wide range of opinions, which don’t necessarily reflect our own. Learn more or join us as a community member!

Share your comments below. Please read our commenting guidelines before posting. If you have a concern about a comment, report it here.

5 Simple Steps to Patent Your Invention Idea

Sign up for the Thrive Global newsletter

“People look for retreats for themselves, in the country, by the coast, or in the hills . . . There is nowhere that a person can find a more peaceful and trouble-free retreat than in his own mind. . . . So constantly give yourself this retreat, and renew yourself.”